second mortgage

aphillips · #1 (**permalink**) 02-08-2015, 07:13 PM

We don't own a home anymore, but we still owe the second on the home. We did a short sale on it back in 2011. My question is, for 2014 taxes, can I claim the interest that I paid toward the second, although it is an unsecured loan now?

Wnhough · #2 (**permalink**) 02-09-2015, 12:12 AM

Quote:

Originally Posted by aphillips

We don't own a home anymore, but we still owe the second on the home. We did a short sale on it back in 2011. My question is, for 2014 taxes, can I claim the interest that I paid toward the second, although it is an unsecured loan now?

yes;aslongas you itemize deductions on sch a of 1040.

Wnhough · #3 (**permalink**) 02-09-2015, 12:18 AM

Quote:

Originally Posted by aphillips

We don't own a home anymore, but we still owe the second on the home. We did a short sale on it back in 2011. My question is, for 2014 taxes, can I claim the interest that I paid toward the second, although it is an unsecured loan now?

sorry my bad; unsecured loan. No. Interest on an unsecured line of credit is NOT deductable to pay off a home loan